Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Plains GP Holdings, L.P. (NYSE:PAGP – Free Report) by 2.6% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 1,759,508 shares of the pipeline company’s stock after purchasing an additional 45,217 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.91% of Plains GP worth $26,094,000 as of its most recent filing with the SEC.
Other institutional investors have also recently bought and sold shares of the company. Advisor Group Holdings Inc. grew its stake in shares of Plains GP by 14.2% during the first quarter. Advisor Group Holdings Inc. now owns 34,820 shares of the pipeline company’s stock worth $401,000 after buying an additional 4,328 shares during the last quarter. JPMorgan Chase & Co. raised its position in Plains GP by 17.7% in the first quarter. JPMorgan Chase & Co. now owns 694,183 shares of the pipeline company’s stock valued at $8,018,000 after purchasing an additional 104,402 shares during the last quarter. Raymond James & Associates grew its holdings in shares of Plains GP by 25.3% during the first quarter. Raymond James & Associates now owns 122,270 shares of the pipeline company’s stock worth $1,412,000 after purchasing an additional 24,705 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in Plains GP by 2.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 144,458 shares of the pipeline company’s stock worth $1,668,000 after acquiring an additional 3,414 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in shares of Plains GP by 278.0% in the first quarter. American Century Companies Inc. now owns 56,806 shares of the pipeline company’s stock worth $656,000 after purchasing an additional 41,777 shares during the last quarter. Institutional investors and hedge funds own 84.45% of the company’s stock.
Insider Buying and Selling at Plains GP
In other Plains GP news, CEO Willie Cw Chiang acquired 62,000 shares of the company’s stock in a transaction on Thursday, September 28th. The shares were acquired at an average cost of $16.24 per share, with a total value of $1,006,880.00. Following the completion of the acquisition, the chief executive officer now directly owns 318,704 shares in the company, valued at $5,175,752.96. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 9.77% of the company’s stock.
Plains GP Trading Down 0.4 %
Plains GP Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 14th. Shareholders of record on Tuesday, October 31st were given a $0.2675 dividend. The ex-dividend date of this dividend was Monday, October 30th. This represents a $1.07 annualized dividend and a yield of 6.73%. Plains GP’s dividend payout ratio is currently 109.18%.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on PAGP. The Goldman Sachs Group initiated coverage on shares of Plains GP in a research note on Thursday, October 5th. They issued a “sell” rating and a $13.50 price objective on the stock. Barclays lowered shares of Plains GP from an “equal weight” rating to an “underweight” rating and set a $15.00 price objective for the company. in a research note on Monday, September 25th. Citigroup cut shares of Plains GP from a “buy” rating to a “neutral” rating and raised their price target for the stock from $14.00 to $15.50 in a report on Wednesday, September 6th. Truist Financial upped their price objective on shares of Plains GP from $17.00 to $21.00 and gave the company a “buy” rating in a report on Monday, November 6th. Finally, StockNews.com downgraded Plains GP from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Plains GP has an average rating of “Hold” and a consensus target price of $17.22.
About Plains GP
Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream energy infrastructure in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the transportation of crude oil and NGLs on pipelines, gathering systems, and trucks.
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